AMMAN —AlGhad— The resumption of the Jordan-Turkey Free Trade Agreement depends on the Turkish government’s response to the Ministry of Industry, Trade and Supply’s terms, Secretary General of the Ministry Yousef Shamali told AlGhad.
A Jordanian delegation to Ankara held a series of extensive meets with Turkish officials, Mr Shamali said.
The Ministry expects a reply from Turkey within the next two weeks, he specified.
As for Jordan’s terms, they include simplifying the Turkish Rule of Origin regulations, allowing more Jordanian products entry to the Turkish market and boosting technical aid to Jordan in accordance to the original provisions of the Agreement.
Contrary to expectation, the agreement with Turkey did not boost Jordan’s exports to Turkey as much as it boosted Turkish exports to Jordan.
In turn, this has contributed further to the trade deficit in favour of the Turkish economy, with barely noticeable benefits for Jordan’s economy.
Jordan’s exports to Turkey in 2017 stood at JOD65.8 million, compared to JOD484 million worth in imports from Turkey in the same year, according to official statistics.
Earlier this year, the Cabinet suspended the Agreement between Jordan and Turkey, in an effort to secure a more feasible deal for Jordan’s exports.
The Jordanian economy has been facing difficulties since the closure of the northern and eastern borders with Syria and Iraq.
Hopes were that the agreement would boost exportation and give the domestic economy an alternative market to the only lost to turmoil.
At this point, the Jordanian government is hoping that a modified deal would reap more benefit in favour of the economy, pending the Turkish response.
